Traditional processes for mixing particulates use organic solvents as a medium to mix and carry the particulates. These processes have the disadvantage that, once the particulates are mixed, the organic solvent must be removed from the mixed particulates. Where the particulates are energetic, as in the case of thermites, the process of solvent removal increases the risk of an undesirable or uncontrolled reaction. The use of organic solvents also increases the cost to capture, remove, and/or dispose of organic solvent, and the residue from an organic solvent can be undesirable for some applications. The removal of an organic solvent also requires an additional process step in large scale formulation and delivery schemes. Additional handling of energetic mixtures may increase the risk of an explosion. A process is needed for mixing ultrafine materials which avoids these problems while producing a well-mixed end product.